TEHRAN Jan 04 (Shana): Major oil companies are waiting to learn about the revised terms of oil contracts in Iran, Mohammad Ali Emadi, who is a member of a Petroleum Ministry-designated committee for revising oil contracts, said.
“As far as the National Iranian Oil Company (NIOC) knows, most big oil companies in the world have voiced their readiness to resume work in Iran’s petroleum industry and attend the [London] conference,” he told Shana.


Emadi was referring to the conference Iran is holding in London in April to introduce new structures for oil contracts.

“What is of prime significance in the oil contracts is to have win-win look at these contracts,” he said.

Emadi said the buy-back contracts do not help transfer technology into Iran because the necessary mechanisms have not been defined to that effect.

Petroleum Minister Bijan Namdar Zanganeh has said that the buy-back deals are no longer effective because Iranian oil fields are mature and they need enhanced recovery.

After he took office, Zanganeh appointed a committee to define new terms for oil contracts with a view to attracting foreign companies back into Iran’s energy sector.

By SHANA

 

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